Having a good record keeping system for receipts and record keeping is vital…
Just starting out in business and trying to decide whether or not to invest in record keeping software?
It’s crucial to have a strong record keeping system so you can monitor the health of your business and quickly prepare financial statements.
Digital record keeping systems
Digital record keeping is usually carried out by accounting software that allows simplified record keeping.
Some of the advantages are:
- requires less physical storage space than a manual or paper-based system
- automatically tallies amounts and ease of generating reports
- easy to back up and keep safe in case of fire or theft
- capture and access records on the go from different devices.
Manual record keeping systems
A paper-based system may work better for some business owners.
The advantages of a manual system can include:
- less costs to set up
- less likely that data will become corrupted
- a simpler system to use if you’re not familiar with accounting software
- duplicate copies of the same records are usually avoided.
What to do
- Read more about receipts and proof of purchase.
- Learn how to set up a basic bookkeeping system.
Original Article: https://www.business.gov.au/news/record-keeping-systems-digital-or-manual
Business.gov.au has a wealth of information for small business owners © Commonwealth of Australia 2016 – Department of Industry, Innovation and Science